Multicomputer distributed processing of large block trading data

ABSTRACT

Systems and methods for administering trade orders are described. An embodiment comprises receiving, from a first server operated by a first trader, a communication including a first trade order and one or more selection criteria, the first trade order including at least one of a specified instrument, a specified quantity, and a specified price; determining that a database of trade orders does not contain a trade order matching the first trade order; identifying a plurality of traders satisfying the selection criteria; sending, to a plurality of second servers, a query including at least one of the specified instrument, the specified quantity, and the specified price; receiving, from a one of the plurality of second servers operated on behalf of a second trader, a positive response to the query; and facilitating execution of a trade between the first trader and the second trader for the specified instrument at the specified price.

CROSS-REFERENCE TO RELATED APPLICATIONS

This application claims priority to U.S. Provisional Application Ser.No. 60/988,426 filed Nov. 15, 2007, entitled “Trading System Productsand Processes.”

BRIEF DESCRIPTION OF THE DRAWINGS

The accompanying drawings are not intended to be drawn to scale. In thedrawings, each identical or similar component that is illustrated invarious figures is represented by a like numeral. For purposes ofclarity, not every component may be labeled or act identified in everydrawing. In the drawings:

FIG. 1 shows a computer system architecture that may be used to performone or more acts in accordance with some embodiments;

FIG. 2 shows a network of servers that may be used to perform one ormore acts in accordance with the embodiments;

FIG. 3 shows an example process that may be performed by someembodiments;

FIG. 4 shows another example process that may be performed by someembodiments; and

FIG. 5 shows another example process that may be performed by someembodiments.

DETAILED DESCRIPTION

Traders of financial instruments sometimes dislike revealing informationto the market about instruments they are interested in purchasing orselling. This is particularly so for large transactions, where a releaseof information that some entity is interested in arranging a largevolume transaction for an instrument can affect the market for thatinstrument even before any transaction occurs. If traders are hesitantto post large orders, liquidity in the market is hindered.

Systems and methods are described herein for administering trade ordersand arranging for traders to find partners to trade with. One advantageof some embodiments of systems and methods described herein is that theycan keep more information confidential, and keep it confidential forlonger, than conventional systems.

The following sections I-X provide a guide to interpreting the presentapplication.

I. Terms

The term “product” means any machine, manufacture and/or composition ofmatter, unless expressly specified otherwise.

The term “process” means any process, algorithm, method or the like,unless expressly specified otherwise.

Each process (whether called a method, algorithm or otherwise)inherently includes one or more steps, and therefore all references to a“step” or “steps” of a process have an inherent antecedent basis in themere recitation of the term “process” or a like term. Accordingly, anyreference in a claim to a “step” or “steps” of a process has sufficientantecedent basis.

The term “invention” and the like mean “the one or more inventionsdisclosed in this application”, unless expressly specified otherwise.

The terms “an embodiment”, “embodiment”, “embodiments”, “theembodiment”, “the embodiments”, “one or more embodiments”, “someembodiments”, “certain embodiments”, “one embodiment”, “anotherembodiment”, “further embodiments” and the like mean “one or more (butnot all) embodiments of the disclosed invention(s)”, unless expresslyspecified otherwise.

The term “variation” of an invention means an embodiment of theinvention, unless expressly specified otherwise.

A reference to “another embodiment” or “a further embodiment” indescribing an embodiment does not imply that the referenced embodimentis mutually exclusive with another embodiment (e.g., an embodimentdescribed before the referenced embodiment), unless expressly specifiedotherwise.

The terms “including”, “comprising” and variations thereof mean“including but not limited to”, unless expressly specified otherwise.

The terms “a”, “an” and “the” mean “one or more”, unless expresslyspecified otherwise.

The term “plurality” means “two or more”, unless expressly specifiedotherwise.

The term “herein” means “in the present application, including anythingwhich may be incorporated by reference”, unless expressly specifiedotherwise.

The phrase “at least one of”, when such phrase modifies a plurality ofthings (such as an enumerated list of things) means any combination ofone or more of those things, unless expressly specified otherwise. Forexample, the phrase “at least one of a widget, a car and a wheel” meanseither (i) a widget, (ii) a car, (iii) a wheel, (iv) a widget and a car,(v) a widget and a wheel, (vi) a car and a wheel, or (vii) a widget, acar and a wheel. The phrase “at least one of”, when such phrase modifiesa plurality of things does not mean “one of each of” the plurality ofthings.

Numerical terms such as “one”, “two”, etc. when used as cardinal numbersto indicate quantity of something (e.g., one widget, two widgets), meanthe quantity indicated by that numerical term, but do not mean at leastthe quantity indicated by that numerical term. For example, the phrase“one widget” does not mean “at least one widget”, and therefore thephrase “one widget” does not cover, e.g., two widgets.

The phrase “based on” does not mean “based only on”, unless expresslyspecified otherwise. In other words, the phrase “based on” describesboth “based only on” and “based at least on”. The phrase “based at leaston” is equivalent to the phrase “based at least in part on”.

The term “represent” and like terms are not exclusive, unless expresslyspecified otherwise. For example, the term “represents” does not mean“represents only”, unless expressly specified otherwise. In other words,the phrase “the data represents a credit card number” describes both“the data represents only a credit card number” and “the data representsa credit card number and the data also represents something else”.

The term “whereby” is used herein only to precede a clause or other setof words that express only the intended result, objective or consequenceof something that is previously and explicitly recited. Thus, when theterm “whereby” is used in a claim, the clause or other words that theterm “whereby” modifies do not establish specific further limitations ofthe claim or otherwise restricts the meaning or scope of the claim.

The term “e.g.” and like terms mean “for example”, and thus does notlimit the term or phrase it explains. For example, in the sentence “thecomputer sends data (e.g., instructions, a data structure) over theInternet”, the term “e.g.” explains that “instructions” are an exampleof “data” that the computer may send over the Internet, and alsoexplains that “a data structure” is an example of “data” that thecomputer may send over the Internet. However, both “instructions” and “adata structure” are merely examples of “data”, and other things besides“instructions” and “a data structure” can be “data”.

The term “respective” and like terms mean “taken individually”. Thus iftwo or more things have “respective” characteristics, then each suchthing has its own characteristic, and these characteristics can bedifferent from each other but need not be. For example, the phrase “eachof two machines has a respective function” means that the first suchmachine has a function and the second such machine has a function aswell. The function of the first machine may or may not be the same asthe function of the second machine.

The term “i.e.” and like terms mean “that is”, and thus limits the termor phrase it explains. For example, in the sentence “the computer sendsdata (i.e., instructions) over the Internet”, the term “i.e.” explainsthat “instructions” are the “data” that the computer sends over theInternet.

Any given numerical range shall include whole and fractions of numberswithin the range. For example, the range “1 to 10” shall be interpretedto specifically include whole numbers between 1 and 10 (e.g., 1, 2, 3,4, . . . 9) and non-whole numbers (e.g., 1.1, 1.2, . . . 1.9).

The phrase “facilitates execution of a trade” means “performs whateverfunction is necessary for a trade to be completed.” For example,“facilitating execution of a trade” may include sending data to anappropriate clearinghouse so that a trade may be executed between twoentities for a specified instrument at a specified price (e.g. withoutfurther opportunity for negotiation).

The phrase “in communication with” means “able to transmit data toand/or receive data from.” For example, a first server “in communicationwith” a second server may be connected to the second server via anetwork such as the internet. A server can “communicate” with anotherserver if it is “in communication with” the other server.

The term “instrument” means any financial instrument traded in anymarket. For example, an “instrument” may include a security, a stockcertificate, a bond, a future, an option, a forward, a call, a put, aswap, a collar, a currency contract, and/or others.

The term “key” means “any segment of data, such as packets, strings,etc., that can be interpreted by a receiving server to indicate whethera response from that server is desired or would be discarded.”

The phrase “market price” means “a price in the market for a particularinstrument at which the instrument can be bought or sold.” The phrase“market price” may refer to a market price at the time an offer is made,at the time an offer is accepted, at the time the trade is cleared, atmarket close or market open on the day an offer is made or accepted, ora market price at any other time. The meaning of the phrase “marketprice” may also include a market midpoint price at the time an offer ismade, at the time an offer is accepted, at the time the trade iscleared, at market close or market open on the day an offer is made oraccepted, or at any other time. A market midpoint price is a price thatis exactly between the best current buy price and best current sellprice on the market.

The phrase “matching trade order” means “a second trade order thatshares enough parameters with a first trade order that a trade can beformed trading one against the other.” A matching trade order may onlypartially fill the trade order against which the trade is formed. Forexample, if the first trade order offers to buy 10,000 shares ofMicrosoft stock at $50 per share, a second trade order offering to sell5,000 shares of Microsoft stock at the same price may be a matchingtrade order even though it only partially fills the first trade order.Where the specified instrument, specified quantity, or specified pricein the first trade order are ranges or otherwise variable (see thedefinitions of specified instrument, specified quantity, and specifiedprice) a second trade order can be a matching trade order by fallingwithin the ranges or enumerations set forth in the first trade order.For example, if the first trade order offers to buy 10,000 shares ofMicrosoft stock at $50 per share or less, a second trade order offeringto sell 10,000 shares of Microsoft stock at $49 per share can be amatching trade order.

The phrase “order management system” means “any computer configured toexecute orders for trading financial instruments, whether buy-side orsell-side; whether institutional trader or broker; a computer associatedwith associated with anyone participating in the market.”

The phrase “open trade order” means “a trade order stored on a server,such that if the server receives information about the existence ofanother trade order matching the stored trade order, the server willindicate (e.g., by sending a communication) an intent to trade thestored trade order against the matching trade order.”

A computer that is “operable” to present offers or enter trades onbehalf of a trader may, in some embodiments, present offers or entertrades on behalf of the trader in response to receiving an input from auser. In other embodiments, a computer that is “operable” to presentoffers or enter trades on behalf of a trader may present offers or entertrades on behalf of the trader without receiving an input from a user.

The phrase “positive response” means “a response to a query indicatingan interest to trade at the parameters (specified instrument, specifiedquantity, and/or specified price) provided in the query.” A positiveresponse may be a binding acceptance, e.g., when the query includes afirm offer. Where a query (or the corresponding trade order) does notspecify all parameters, or where the query specifies ranges for someparameters, the positive response may include some or all of theparameters necessary to define a trade. For example, if the queryincludes an offer to sell up to 30,000 shares of a security, thepositive response may specify an intent to buy 10,000 shares of thesecurity.

The phrase “positive response rate” means “the percentage of queriespreviously received by a server to which the server gave a positiveresponse.”

The term “query” means “any data transmitted from one computer toanother, e.g., a data transmission including a trade order or a portionof a trade order.”

The term “selection criteria” means “any criteria by which an entityproviding a trade order can specify the parameters, behaviors,preferences, or other aspects of other entities to whom the first traderis interested in transmitting an offer to trade.” Selection criteria mayapply to servers that may receive a query relating to a trade order, totraders with whom trades on a trade order may be made, or to anycombination thereof.

The term “server” means “any computer that can be programmed to executespecified functions, such as sending, receiving, or processing data;writing information to or retrieving information from a database;determining whether data satisfy specified criteria, or similarfunctions.”

The phrase “specified instrument” includes a specific instrument (e.g.,Coca-Cola stock), or a selection of instruments however specified; suchas a group of instruments (e.g., Fortune 100 stocks); an enumerated setof instruments (e.g., Coca-Cola stock or Pepsi stock; Coca-Cola stock orMicrosoft derivatives); any group of instruments sharing any specifiedproperty or set of properties (e.g., airline stocks; oil futures; stocksof companies reporting earnings of $1B or more); a set of instrumentswhose price is correlated to the price of another specified instrument(e.g., Coca-Cola stock or any stock whose value has a correlationgreater than 0.5 to the value of Coca-Cola stock); and/or anycombination of the previous.

The phrase “specified price” means “any information sufficient todetermine an acceptable price or range of prices at which a trader isinterested in trading.” A specified price may be a specific unit price(e.g., $50 per share), a minimum unit price (e.g., $50 per share ormore), a maximum unit price (e.g., up to $50 per share), a range of unitprices (e.g., $49-$51 per share), and/or any combination of theprevious. A specified price may be a specific bulk price (e.g.,$50,000), a minimum bulk price (e.g., $50,000 or more), a maximum bulkprice (e.g., up to $50,000), a range of bulk prices (e.g.,$49,000-$51,000), and/or any combination of the previous. A specifiedprice may be given in terms of a market price; e.g., a market price atthe time an offer is made, at the time an offer is accepted, at the timethe trade is cleared, at market close or market open on the day an offeris made or accepted, or a market price at any other time. A specifiedprice may be a price or a range of prices defined with reference to amarket price (e.g., market price plus or minus ½ point; market price orgreater). A specified price may be a market midpoint price or a pricespecified with reference to a market midpoint price. If no specifiedprice is provided, a trading system may default to a market price at thetime the offer is made or accepted, the time the trade is cleared, orany other time. Alternatively, if no specified price is provided, atrading system may default to a market midpoint price at the time theoffer is made or accepted, the time the trade is cleared, or any othertime.

The phrase “specified quantity” means “any way of specifying anacceptable amount or range of amounts of an instrument for which atrader is interested in trading.” A specified quantity may include aspecific quantity (e.g., 10,000 shares), a minimum quantity (e.g., 5,000shares or more), a maximum quantity (e.g., up to 10,000 shares), a rangeof quantities (e.g., 5,000-10,000 shares), and/or any combination of theprevious. A specified quantity may also include an increment (e.g.,5,000-10,000 shares in increments of 500 shares; up to 5,000 shares inincrements of 1,000 shares).

The phrase “trade order” means “any offer to buy or sell an instrument,e.g., an offer to buy or sell a specified quantity of a specifiedinstrument at a specified price.” A trade order may be a firm offer or aconditional offer.

The term “trader” means “any person or entity capable of enteringtransactions for the purchase or sale of securities, or any person orentity on whose behalf such transactions can be entered.” A trader maybe a buy-side person or entity or a sell-side person or entity. A tradermay present an offer to enter a transaction which reflects the trader'sintent to complete the transaction. A trader may present such an offervia a computer, including but not limited to a computer that comprisesor is part of an order management system. A trader may be represented bya computer that is operable to present offers and/or enter transactionson the trader's behalf. For example, such a computer may be operable toaccept binding offers and/or make offers which, if accepted, would bindthe trader to the transaction. Such a computer may be operable to acceptoffers with or without human input.

The term “trading history” means “information (e.g. a database record)about a trader's prior trades and/or responses to queries.” A tradinghistory may include (without limitation): instruments, prices, andquantities that the trader has traded, queries (and/or associatedtrading parameters) to which the trader has responded positively,queries (and/or associated trading parameters) to which the trader hasresponded negatively, etc. A trading history may also includeinformation selectable by categories of trades, including (withoutlimitation) positive response rates for particular instruments, forparticular types of instruments (e.g., for stocks, for shares of mutualfunds), for instruments relating to a particular entity, for instrumentsrelating to a particular industry, for instruments associated withentities having certain market capitalization (e.g., small cap, mid cap,large cap), for substitutable instruments, or any other way of defininga category of trades. A trading history may also be such informationassociated with a particular server rather than a particular trader;e.g., queries and associated trading parameters to which the server hasprovided a positive response.

Where two or more terms or phrases are synonymous (e.g., because of anexplicit statement that the terms or phrases are synonymous), instancesof one such term/phrase does not mean instances of another suchterm/phrase must have a different meaning. For example, where astatement renders the meaning of “including” to be synonymous with“including but not limited to”, the mere usage of the phrase “includingbut not limited to” does not mean that the term “including” meanssomething other than “including but not limited to”.

II. Determining

The term “determining” and grammatical variants thereof (e.g., todetermine a price, determining a value, determine an object which meetsa certain criterion) is used in an extremely broad sense. The term“determining” encompasses a wide variety of actions and therefore“determining” can include calculating, computing, processing, deriving,investigating, looking up (e.g., looking up in a table, a database oranother data structure), ascertaining and the like. Also, “determining”can include receiving (e.g., receiving information), accessing (e.g.,accessing data in a memory) and the like. Also, “determining” caninclude resolving, selecting, choosing, establishing, and the like.

The term “determining” does not imply certainty or absolute precision,and therefore “determining” can include estimating, extrapolating,predicting, guessing and the like.

The term “determining” does not imply that mathematical processing mustbe performed, and does not imply that numerical methods must be used,and does not imply that an algorithm or process is used.

The term “determining” does not imply that any particular device must beused. For example, a computer need not necessarily perform thedetermining.

III. Forms of Sentences

Where a limitation of a first claim would cover one of a feature as wellas more than one of a feature (e.g., a limitation such as “at least onewidget” covers one widget as well as more than one widget), and where ina second claim that depends on the first claim, the second claim uses adefinite article “the” to refer to the limitation (e.g., “the widget”),this does not imply that the first claim covers only one of the feature,and this does not imply that the second claim covers only one of thefeature (e.g., “the widget” can cover both one widget and more than onewidget).

When an ordinal number (such as “first”, “second”, “third” and so on) isused as an adjective before a term, that ordinal number is used (unlessexpressly specified otherwise) merely to indicate a particular feature,such as to distinguish that particular feature from another feature thatis described by the same term or by a similar term. For example, a“first widget” may be so named merely to distinguish it from, e.g., a“second widget”. Thus, the mere usage of the ordinal numbers “first” and“second” before the term “widget” does not indicate any otherrelationship between the two widgets, and likewise does not indicate anyother characteristics of either or both widgets. For example, the mereusage of the ordinal numbers “first” and “second” before the term“widget” (1) does not indicate that either widget comes before or afterany other in order or location; (2) does not indicate that either widgetoccurs or acts before or after any other in time; and (3) does notindicate that either widget ranks above or below any other, as inimportance or quality. In addition, the mere usage of ordinal numbersdoes not define a numerical limit to the features identified with theordinal numbers. For example, the mere usage of the ordinal numbers“first” and “second” before the term “widget” does not indicate thatthere must be no more than two widgets.

When a single device, article or other product is described herein, morethan one device/article (whether or not they cooperate) mayalternatively be used in place of the single device/article that isdescribed. Accordingly, the functionality that is described as beingpossessed by a device may alternatively be possessed by more than onedevice/article (whether or not they cooperate).

Similarly, where more than one device, article or other product isdescribed herein (whether or not they cooperate), a singledevice/article may alternatively be used in place of the more than onedevice or article that is described. For example, a plurality ofcomputer-based devices may be substituted with a single computer-baseddevice. Accordingly, the various functionality that is described asbeing possessed by more than one device or article may alternatively bepossessed by a single device/article.

The functionality and/or the features of a single device that isdescribed may be alternatively embodied by one or more other deviceswhich are described but are not explicitly described as having suchfunctionality/features. Thus, other embodiments need not include thedescribed device itself, but rather can include the one or more otherdevices which would, in those other embodiments, have suchfunctionality/features.

IV. Disclosed Examples and Terminology are not Limiting

Neither the Title (set forth at the beginning of the first page of thepresent application) nor the Abstract (set forth at the end of thepresent application) is to be taken as limiting in any way as the scopeof the disclosed invention(s). An Abstract has been included in thisapplication merely because an Abstract of not more than 150 words isrequired under 37 C.F.R. §1.72(b).

The title of the present application and headings of sections providedin the present application are for convenience only, and are not to betaken as limiting the disclosure in any way.

Numerous embodiments are described in the present application, and arepresented for illustrative purposes only. The described embodiments arenot, and are not intended to be, limiting in any sense. The presentlydisclosed invention(s) are widely applicable to numerous embodiments, asis readily apparent from the disclosure. One of ordinary skill in theart will recognize that the disclosed invention(s) may be practiced withvarious modifications and alterations, such as structural, logical,software, and electrical modifications. Although particular features ofthe disclosed invention(s) may be described with reference to one ormore particular embodiments and/or drawings, it should be understoodthat such features are not limited to usage in the one or moreparticular embodiments or drawings with reference to which they aredescribed, unless expressly specified otherwise.

No embodiment of method steps or product elements described in thepresent application constitutes the invention claimed herein, or isessential to the invention claimed herein, or is coextensive with theinvention claimed herein, except where it is either expressly stated tobe so in this specification or expressly recited in a claim.

The preambles of the claims that follow recite purposes, benefits andpossible uses of the claimed invention only and do not limit the claimedinvention.

The present disclosure is not a literal description of all embodimentsof the invention(s). Also, the present disclosure is not a listing offeatures of the invention(s) which must be present in all embodiments.

Devices that are described as in communication with each other need notbe in continuous communication with each other, unless expresslyspecified otherwise. On the contrary, such devices need only transmit toeach other as necessary or desirable, and may actually refrain fromexchanging data most of the time. For example, a machine incommunication with another machine via the Internet may not transmitdata to the other machine for long period of time (e.g. weeks at atime). In addition, devices that are in communication with each othermay communicate directly or indirectly through one or moreintermediaries.

A description of an embodiment with several components or features doesnot imply that all or even any of such components/features are required.On the contrary, a variety of optional components are described toillustrate the wide variety of possible embodiments of the presentinvention(s). Unless otherwise specified explicitly, nocomponent/feature is essential or required.

Although process steps, algorithms or the like may be described orclaimed in a particular sequential order, such processes may beconfigured to work in different orders. In other words, any sequence ororder of steps that may be explicitly described or claimed does notnecessarily indicate a requirement that the steps be performed in thatorder. The steps of processes described herein may be performed in anyorder possible. Further, some steps may be performed simultaneouslydespite being described or implied as occurring non-simultaneously(e.g., because one step is described after the other step). Moreover,the illustration of a process by its depiction in a drawing does notimply that the illustrated process is exclusive of other variations andmodifications thereto, does not imply that the illustrated process orany of its steps are necessary to the invention(s), and does not implythat the illustrated process is preferred.

Although a process may be described as including a plurality of steps,that does not imply that all or any of the steps are preferred,essential or required. Various other embodiments within the scope of thedescribed invention(s) include other processes that omit some or all ofthe described steps. Unless otherwise specified explicitly, no step isessential or required.

Although a process may be described singly or without reference to otherproducts or methods, in an embodiment the process may interact withother products or methods. For example, such interaction may includelinking one business model to another business model. Such interactionmay be provided to enhance the flexibility or desirability of theprocess.

Although a product may be described as including a plurality ofcomponents, aspects, qualities, characteristics and/or features, thatdoes not indicate that any or all of the plurality are preferred,essential or required. Various other embodiments within the scope of thedescribed invention(s) include other products that omit some or all ofthe described plurality.

An enumerated list of items (which may or may not be numbered) does notimply that any or all of the items are mutually exclusive, unlessexpressly specified otherwise. Likewise, an enumerated list of items(which may or may not be numbered) does not imply that any or all of theitems are comprehensive of any category, unless expressly specifiedotherwise. For example, the enumerated list “a computer, a laptop, aPDA” does not imply that any or all of the three items of that list aremutually exclusive and does not imply that any or all of the three itemsof that list are comprehensive of any category.

An enumerated list of items (which may or may not be numbered) does notimply that any or all of the items are equivalent to each other orreadily substituted for each other.

All embodiments are illustrative, and do not imply that the invention orany embodiments were made or performed, as the case may be.

V. Computing

It will be readily apparent to one of ordinary skill in the art that thevarious processes described herein may be implemented by, e.g.,appropriately programmed general purpose computers, special purposecomputers and computing devices. Typically a processor (e.g., one ormore microprocessors, one or more microcontrollers, one or more digitalsignal processors) will receive instructions (e.g., from a memory orlike device), and execute those instructions, thereby performing one ormore processes defined by those instructions. Instructions may beembodied in, e.g., one or more computer programs, one or more scripts.

A “processor” means one or more microprocessors, central processingunits (CPUs), computing devices, microcontrollers, digital signalprocessors, or like devices or any combination thereof, regardless ofthe architecture (e.g., chip-level multiprocessing/multi-core, RISC,CISC, Microprocessor without Interlocked Pipeline Stages, pipeliningconfiguration, simultaneous multithreading).

Thus a description of a process is likewise a description of anapparatus for performing the process. The apparatus that performs theprocess can include, e.g., a processor and those input devices andoutput devices that are appropriate to perform the process.

Further, programs that implement such methods (as well as other types ofdata) may be stored and transmitted using a variety of media (e.g.,computer readable media) in a number of manners. In some embodiments,hard-wired circuitry or custom hardware may be used in place of, or incombination with, some or all of the software instructions that canimplement the processes of various embodiments. Thus, variouscombinations of hardware and software may be used instead of softwareonly.

The term “computer-readable medium” refers to any medium, a plurality ofthe same, or a combination of different media, that participate inproviding data (e.g., instructions, data structures) which may be readby a computer, a processor or a like device. Such a medium may take manyforms, including but not limited to, non-volatile media, volatile media,and transmission media. Non-volatile media include, for example, opticalor magnetic disks and other persistent memory. Volatile media includedynamic random access memory (DRAM), which typically constitutes themain memory. Transmission media include coaxial cables, copper wire andfiber optics, including the wires that comprise a system bus coupled tothe processor. Transmission media may include or convey acoustic waves,light waves and electromagnetic emissions, such as those generatedduring radio frequency (RF) and infrared (IR) data communications.Common forms of computer-readable media include, for example, a floppydisk, a flexible disk, hard disk, magnetic tape, any other magneticmedium, a CD-ROM, DVD, any other optical medium, punch cards, papertape, any other physical medium with patterns of holes, a RAM, a PROM,an EPROM, a FLASH-EEPROM, any other memory chip or cartridge, a carrierwave as described hereinafter, or any other medium from which a computercan read.

Various forms of computer readable media may be involved in carryingdata (e.g. sequences of instructions) to a processor. For example, datamay be (i) delivered from RAM to a processor; (ii) carried over awireless transmission medium; (iii) formatted and/or transmittedaccording to numerous formats, standards or protocols, such as Ethernet(or IEEE 802.3), SAP, ATP, Bluetooth™, and TCP/IP, TDMA, CDMA, and 3G;and/or (iv) encrypted to ensure privacy or prevent fraud in any of avariety of ways well known in the art.

Thus a description of a process is likewise a description of acomputer-readable medium storing a program for performing the process.The computer-readable medium can store (in any appropriate format) thoseprogram elements which are appropriate to perform the method.

Just as the description of various steps in a process does not indicatethat all the described steps are required, embodiments of an apparatusinclude a computer/computing device operable to perform some (but notnecessarily all) of the described process.

Likewise, just as the description of various steps in a process does notindicate that all the described steps are required, embodiments of acomputer-readable medium storing a program or data structure include acomputer-readable medium storing a program that, when executed, cancause a processor to perform some (but not necessarily all) of thedescribed process.

Where databases are described, it will be understood by one of ordinaryskill in the art that (i) alternative database structures to thosedescribed may be readily employed, and (ii) other memory structuresbesides databases may be readily employed. Any illustrations ordescriptions of any sample databases presented herein are illustrativearrangements for stored representations of information. Any number ofother arrangements may be employed besides those suggested by, e.g.,tables illustrated in drawings or elsewhere. Similarly, any illustratedentries of the databases represent exemplary information only; one ofordinary skill in the art will understand that the number and content ofthe entries can be different from those described herein. Further,despite any depiction of the databases as tables, other formats(including relational databases, object-based models and/or distributeddatabases) could be used to store and manipulate the data typesdescribed herein. Likewise, object methods or behaviors of a databasecan be used to implement various processes, such as the describedherein. In addition, the databases may, in a known manner, be storedlocally or remotely from a device which accesses data in such adatabase.

Various embodiments can be configured to work in a network environmentincluding a computer that is in communication (e.g., via acommunications network) with one or more devices. The computer maycommunicate with the devices directly or indirectly, via any wired orwireless medium (e.g. the Internet, LAN, WAN or Ethernet, Token Ring, atelephone line, a cable line, a radio channel, an optical communicationsline, commercial on-line service providers, bulletin board systems, asatellite communications link, a combination of any of the above). Eachof the devices may themselves comprise computers or other computingdevices, such as those based on the Intel® Pentium® or Centrino™processor, that are adapted to communicate with the computer. Any numberand type of devices may be in communication with the computer.

In an embodiment, a server computer or centralized authority may not benecessary or desirable. For example, the present invention may, in anembodiment, be practiced on one or more devices without a centralauthority. In such an embodiment, any functions described herein asperformed by the server computer or data described as stored on theserver computer may instead be performed by or stored on one or moresuch devices.

Where a process is described, in an embodiment the process may operatewithout any user intervention. In another embodiment, the processincludes some human intervention (e.g., a step is performed by or withthe assistance of a human).

VI. Continuing Applications

The present disclosure provides, to one of ordinary skill in the art, anenabling description of several embodiments and/or inventions. Some ofthese embodiments and/or inventions may not be claimed in the presentapplication, but may nevertheless be claimed in one or more continuingapplications that claim the benefit of priority of the presentapplication.

Applicants intend to file additional applications to pursue patents forsubject matter that has been disclosed and enabled but not claimed inthe present application.

VII. 35 U.S.C. §112, Paragraph 6

In a claim, a limitation of the claim which includes the phrase “meansfor” or the phrase “step for” means that 35 U.S.C. §112, paragraph 6,applies to that limitation.

In a claim, a limitation of the claim which does not include the phrase“means for” or the phrase “step for” means that 35 U.S.C. §112,paragraph 6 does not apply to that limitation, regardless of whetherthat limitation recites a function without recitation of structure,material or acts for performing that function. For example, in a claim,the mere use of the phrase “step of” or the phrase “steps of” inreferring to one or more steps of the claim or of another claim does notmean that 35 U.S.C. §112, paragraph 6, applies to that step(s).

With respect to a means or a step for performing a specified function inaccordance with 35 U.S.C. §112, paragraph 6, the correspondingstructure, material or acts described in the specification, andequivalents thereof, may perform additional functions as well as thespecified function.

Computers, processors, computing devices and like products arestructures that can perform a wide variety of functions. Such productscan be operable to perform a specified function by executing one or moreprograms, such as a program stored in a memory device of that product orin a memory device which that product accesses. Unless expresslyspecified otherwise, such a program need not be based on any particularalgorithm, such as any particular algorithm that might be disclosed inthe present application. It is well known to one of ordinary skill inthe art that a specified function may be implemented via differentalgorithms, and any of a number of different algorithms would be a meredesign choice for carrying out the specified function.

Therefore, with respect to a means or a step for performing a specifiedfunction in accordance with 35 U.S.C. §112, paragraph 6, structurecorresponding to a specified function includes any product programmed toperform the specified function. Such structure includes programmedproducts which perform the function, regardless of whether such productis programmed with (i) a disclosed algorithm for performing thefunction, (ii) an algorithm that is similar to a disclosed algorithm, or(iii) a different algorithm for performing the function.

Where there is recited a means for performing a function that is amethod, one structure for performing this method includes a computingdevice (e.g., a general purpose computer) that is programmed and/orconfigured with appropriate hardware to perform that function.

Also included is a computing device (e.g., a general purpose computer)that is programmed and/or configured with appropriate hardware toperform that function via other algorithms as would be understood by oneof ordinary skill in the art.

VIII. Disclaimer

Numerous references to a particular embodiment do not indicate adisclaimer or disavowal of additional, different embodiments, andsimilarly references to the description of embodiments which all includea particular feature do not indicate a disclaimer or disavowal ofembodiments which do not include that particular feature. A cleardisclaimer or disavowal in the present application shall be prefaced bythe phrase “does not include” or by the phrase “cannot perform”.

IX. Incorporation by Reference

Any patent, patent application or other document referred to herein isincorporated by reference into this patent application as part of thepresent disclosure, but only for purposes of written description andenablement in accordance with 35 U.S.C. §112, paragraph 1, and should inno way be used to limit, define, or otherwise construe any term of thepresent application, unless without such incorporation by reference, noordinary meaning would have been ascertainable by a person of ordinaryskill in the art. Such person of ordinary skill in the art need not havebeen in any way limited by any embodiments provided in the reference

Any incorporation by reference does not, in and of itself, imply anyendorsement of, ratification of or acquiescence in any statements,opinions, arguments or characterizations contained in any incorporatedpatent, patent application or other document, unless explicitlyspecified otherwise in this patent application.

X. Prosecution History

In interpreting the present application (which includes the claims), oneof ordinary skill in the art shall refer to the prosecution history ofthe present application, but not to the prosecution history of any otherpatent or patent application, regardless of whether there are otherpatent applications that are considered related to the presentapplication, and regardless of whether there are other patentapplications that share a claim of priority with the presentapplication.

XI. Exemplary Embodiments

Various embodiments disclosed herein relate to systems and methods forfacilitating trades of securities between entities by which an entitywishing to make a trade offer can do so without necessarily revealingits identity or even revealing the total amount of securities it wishesto trade. In some embodiments, for example, a first server operated onbehalf of a first trader may send a trade order to a second server, thetrade order including an offer to trade a specified instrument, perhapsat a specified price and specified quantity. The second server may thenquery one or more third servers asking whether any trader associatedwith the third servers is interested in the trade represented in thetrade order. The query need not include all of the information in thetrade order. If one of the third servers responds positively to thequery, a trade is facilitated between the first trader and a secondtrader associated with the third server. In embodiments, the facilitatedtrade occurs at the parameters specified in the trade order and/or inthe query, without any opportunity for further negotiation between thefirst trader and the second trader. Such embodiments provide theadvantage of concealing certain information about the offer to trade atleast until the trade is completed, helping to avoid effects on themarket for the specified instruments of the placement of large orders,even before those offers are filled. This in turn encourages traders toplace orders, particularly large orders, and therefore enhancesliquidity in the marketplace.

FIG. 2 illustrates an example configuration 200 of servers in whichmethods of some embodiments can be performed. Servers 202 communicatewith central server 206 via network 204. Central server 206 is incommunication with servers 214 via network 210. In embodiments, networks204 and 210 may be a single network or form part of a single network. Inother embodiments, networks 204 and 210 may be two separate networksunconnected except through their common connection to central server206. In still other embodiments, networks 204 and 210 may be connectedvia a larger network such as the Internet.

Servers 202 may be, but are not limited to, sell-side servers. Servers212 may be, but are not limited to, buy-side servers. A server 202 or212 may be operated by or on behalf of one or more traders 218 or 216(respectively). In embodiments, one or more of servers 202 and servers212 is an order management system. Generally, servers 202 and 212 can beany server programmed to communicate with central server 206 asdescribed below. Any of servers 202 and 212 may include or becommunication with a database 220 or 214 (respectively). Database 214may include information relating to one or more trades that a trader 216associated with the server (for example, on whose behalf the server isoperating) is interested in making. Such information may include aspecified instrument that a trader is interested in buying or selling.The information may also include a specified quantity of the instrumentthat the trader wishes to trade. The information may also include aspecified price at which the trader wishes to trade the specifiedinstrument.

While server 206 is referred to in this discussion as a “central”server, in embodiments the functions performed by central server 206 canbe performed by any suitably programmed server, including a buy-sideserver or a sell-side server. Central server 206 may, in embodiments,include or be in communication with database 208 of registered serversand/or registered traders that central server 206 communicates with toreceive trade orders and send queries. Central server 206 may alsoinclude or be in communication with a database of trade orders that havebeen submitted to the central server, for example, by one of servers 202or 212. The database of trade orders may include trade orders that havebeen submitted but not yet filled. The database of trade orders may behosted together with or separately from the database of registeredservers and/or registered traders.

In embodiments, a server 202 submits a trade order to the central server206. The trade order includes an offer to trade that may be a bindingoffer or a conditional offer. The central server 206 may respond toreceipt of the trade order by sending a query out to one or more ofservers 212 as described in detail below. (Again, it should be notedthat in various embodiments there may be servers that can both submit atrade order and receive a query; the order-submitting servers 202 andquery-receiving servers 212 are separated here only for clarity ofdiscussion.) A feature of some embodiments is that server 212 (or trader218 on whose behalf server 212 operates) need not submit the trade orderto any open market platform, so the trade order does not need to becomepublicly known. In embodiments, it is not necessary for any server otherthan the central server 206 to receive the identity of server 212 (ortrader 218) before the offer to trade is accepted and a trade iscompleted.

As discussed in further detail below, the servers 212 receiving thequery sent by central server 206 evaluate the query and determinewhether to accept the offered trade. In embodiments, the trade may bepresented to a user, who may be trader 216 or a representative of trader216, who decides whether to accept the offered trade and inputs hisdecision to a terminal in communication with server 212. In otherembodiments, server 212 may query the database 214 to determine whetherit contains an entry for a desired trade matching the offered trade. Ifa positive response is indicated (either with or without human input),server 212 returns a positive response to central server 206. Centralserver 206 may then facilitate execution of the trade at the tradeparameters (such as specified instrument, specified quantity, and/orspecified price) set forth in the trade order submitted by server 202. Afeature of some embodiments is that server 214 (or trader 216 on whosebehalf server 214 operates) need not submit to any open market platformtrades it is interested in making, so its desire to trade for specifiedinstruments need not become publicly known. No server other than thecentral server 206 needs to receive the identity of server 214 (ortrader 216) before the offer to trade is accepted and a trade iscompleted.

FIG. 3 illustrates an example process 300 that may be performed by someembodiments. In block 302 a trade order is received. As noted above, thetrade order may be submitted by a server 202 and be received by centralserver 206. (Once again, it should be noted that while the term “centralserver” is used in this discussion for clarity, the functions ascribedto the central server 206 in this discussion may be executed by anysuitably programmed server.) The trade order may be received as part ofa communication including other information apart from the trade order.Although a completed trade typically is a purchase or sale of aspecified quantity of a specified instrument at a specified price, asdiscussed further below, in embodiments the trade order initiallyreceived may not include all of that information.

In embodiments, in response to receiving the trade order, the centralserver 206 searches database 208 for a matching trade order that canfill or partially fill the received trade order (block 304). As notedabove, database 208 may include as-yet-unfilled trade orders previouslysubmitted by any server or trader. If a matching trade order is foundthat can fill or partially fill the received trade order, central server206 facilitates execution of a trade between the entities represented inthe received trade order and the matching trade order (block 314).Facilitating execution of the trade may include, for example, passingthe parameters of the trade to a clearinghouse to execute the trade.

If no matching trade order is found in database 208 (step 304), or ifmatching trade orders that are found only partially fill the receivedtrade order, central sever 206 sends a query out to one or more servers212. (In some embodiments central server 206 does not search a database208 prior to sending out a query and instead skips to block 306.) Thequery may include some or all of the terms of the received order, suchas specified instrument, specified quantity, and/or specified price. Inembodiments, the query does not include any information from which theserver or trader submitting the trade order can be identified. Infurther embodiments, the query does not include the specified quantity.An advantage of such embodiments is that when a trade order seeks aparticularly large quantity of an instrument, neither uploading thetrade order nor sending the query reveals to the market at large theinformation that any one entity is seeking such a large quantity of theinstrument.

To send the query, central server 206 identifies recipients of the query(block 206). In embodiments the query is sent to recipients a set of allrecipients of which the central server 206 is aware or to a subset ofthat set. For example, database 208 may include a database of servers212 registered to received queries from central server 206. The databasemay include traders 216 who are registered to receive queries along withIP addresses and/or other identifying information which central server206 can use to send a query to servers 212 associated with or operatedby or on behalf of traders 216. (Note that more than one trader 216 maybe associated with a single server 212.) In embodiments, the centralserver 206 identifies a subset of recipients according to selectioncriteria (block 306) as discussed further below. Once the set or subsetof recipients has been identified, the query is sent (block 308).

Upon receiving a query from the central server 206, a server 212determines whether a positive response to the query is appropriateand/or required. Embodiments of processes by which the server 212 maydetermine whether to send a positive response to the query are discussedbelow.

If one or more of the servers 212 sends a positive response to thequery, central server 206 receives the positive response (block 310). Inresponse to receiving a positive response, the central server 210 mayfacilitate execution of a trade (block 312).

A positive response may, in embodiments, be any response from server 212indicating a willingness to trade at least one of the parameters setforth in the query. A positive response may indicate an intent (e.g., ofthe entity on whose behalf server 212 is operated) to be bound to atrade having the terms set forth in the trade order. In embodiments inwhich the trade order itself does not include sufficient information tospecify a complete trade, the positive response may supply the missinginformation such that a trade may be executed. For example, where atrade order does not include a specified quantity, or includes apartially specified quantity such as “up to 50,000 shares in 5,000 shareincrements,” the positive response may include a more specific quantitysuch as “25,000 shares.”

In embodiments, the trade order and the positive response, takentogether, provide parameters of the transaction with sufficientspecificity that a transaction may be completed without any furthernegotiation between the entity represented by the trade order and theentity represented by the positive response. For example, suppose thespecified instrument in the trade order is “any stock of a large-capenergy company,” the specified price is “less than $50 per share,” andthe specified quantity is “at least 50,000 shares.” In embodiments inwhich the positive response must provide enough information that a trademay be completed, without any further negotiation, an acceptablepositive response must provide further specificity in the instrument,the price, and the quantity. An example of a suitable positive responseis a positive response specifying 70,000 Exxon-Mobil shares at $48 pershare. Upon receiving such a positive response (and determining whetherthe selection criteria, if any, are met), the central server 206 willfacilitate the transaction specified in the trade order (e.g. purchaseor sale) for 70,000 Exxon-Mobil shares at $48 per share between theentity represented in the trade order and the entity represented in thepositive response.

In embodiments, the query and positive response, taken together, provideall parameters of the transaction except the price with sufficientspecificity that a trade may be completed without further negotiation.In some such embodiments the system may provide a default price, such asa market price.

In further embodiments, the trade order may provide no more informationthan a specified instrument. In still further embodiments, the querysent to servers 212 may include less information than the trade ordersubmitted to server 206 on which the query is based. So, for example,the trade order may include an offer to sell 50,000 shares of Microsoftstock, while the corresponding query may ask only whether any traderwishes to purchase Microsoft stock without specifying a quantity. In anyevent, in embodiments where the query does not include a specifiedquantity, a positive response may indicate at least the particularinstrument to be traded (if required) and a quantity for which theentity represented in the positive response wishes to be bound.

A positive response may also supply a price for the trade where one isnot specified in the query. If the positive response does not include aprice, the central server 206 (or a clearinghouse to which the serverdirects the trade for execution) may supply a default price, such as amarket price for the instrument being traded. In general, there is nolimitation on what information must be in the query and what must be inthe positive response, provided that the query, positive response, andany system defaults, taken together, supply enough specificity that atrade may be completed. In embodiments, the query, positive response,and any system defaults, taken together, supply enough specificity thata trade may be completed without further negotiation. What follows areseveral further examples of combinations of query and positive responsessufficient to complete a trade:

Example 1. Trade order (and query) offers to sell 50,000 shares ofMicrosoft stock at $50 per share. Positive response accepts the offer. Atrade is facilitated for 50,000 shares of Microsoft stock at $50 pershare.

Example 2. Trade order (and query) offers to sell 50,000 shares ofMicrosoft stock at $50 per share. Positive response indicates offer tobuy 30,000 shares. In some embodiments, the positive response will berejected for not satisfying the trade order. In other embodiments, thepositive response will be accepted and a trade for 30,000 sharesfacilitated as long as there is another positive responder willing tobuy the outstanding 20,000 shares. In still further embodiments, thepositive response will be accepted and a trade facilitated for 30,000shares regardless of whether other positive responses have beenreceived.

Example 3. Trade order (and query) offers to sell 50,000 shares ofMicrosoft stock and specifies no price. Positive response accepts theoffer without further specificity. In some embodiments, a trade will befacilitated at a default price supplied by the central server 206 or bythe clearinghouse executing the trade.

Example 4. Trade order (and query) offers to sell shares of Microsoftstock at least $50 per share. Positive response offers to buy 20,000shares of Microsoft stock at $50 per share. Trade can be facilitated for20,000 shares of Microsoft stock at $50 per share, since positiveresponse has supplied the needed specific quantity and specific price.

Example 5. Trade order offers to sell 100,000 shares of Microsoft stockat least $50 per share. The central server sends a query offering tosell shares of Microsoft stock at least $50 per share without specifyingthe total quantity of shares offered for sale. Positive response offersto buy 20,000 shares of Microsoft stock at $50 per share. Trade can befacilitated for 20,000 shares of Microsoft stock at $50 per share, sincepositive response has supplied the needed specific quantity and specificprice.

In the embodiment of example 5, the central server 206 is configured foradditional secrecy by querying a minimum amount of information. Inexample 5, a trade can be completed for a definite number of shareswithout revealing the total quantity of shares offered. Thus inembodiments the trade order may include a maximum number of sharesoffered for trade (for example, so that the central server can evaluatewhether the trade order has been filled completely), while the querysent to servers 212 conceals that information.

When a response sufficient to complete a trade is received, the centralserver 206 facilitates execution of the trade (block 312) by, forexample, passing the trade parameters to a clearinghouse which executesthe trade or arranges for execution of the trade. In embodiments, apositive response sufficient to complete the trade is binding to theentity represented by the positive response. In embodiments that entitymay be a trader operating the server 212, or an organization on whosebehalf the trader operates server 212. Server 212 may be operated onbehalf of a single entity or on behalf of multiple entities havingaccess to the server or authorizing the server to place orders and/orreceive queries and submit binding or nonbinding positive responses.

Where the central server 206 has sent a query to multiple servers 212,it is possible to receive multiple positive responses. In someembodiments, central server 206 addresses these positive responses inthe order received. For example, if the first positive response receivedis sufficient to complete a trade is sufficient to facilitate a trade,the central server 206 will facilitate execution of the trade. If thattrade fills the trade order completely, further positive responses maybe disregarded. If the trade order remains at least partially unfilledafter a trade with the first positive responder is complete, the centralserver 206 may then proceed to the second positive response received.The central server 206 may process the positive responses in orderreceived until the trade order is completely filled. Alternatively thecentral server 206 may prioritize the received positive responses in anyorder other than order received. For example, in some embodiments, if noone of the positive responses indicates a large enough quantity to fillthe trade order, the received positive responses may be prioritizedaccording to the quantity specified in the positive response, such thatthe responder offering the largest number of quantity will trade first.In still other embodiments, the received positive responses may beprioritized according to criteria supplied by the server 202 thatsubmitted the trade order. In still other embodiments, the receivedpositive responses may be prioritized according to criteria supplied byan entity on whose behalf server 202 submitted the trade order. Ineither of the latter two cases, the prioritizing criteria may besupplied with the trade order. Alternatively the prioritizing criteriamay be stored in an entry in database 208 containing trading preferencesof the server 202 and/or any entities on whose behalf server 202 isoperated.

In some embodiments, if there are positive responses outstanding afterthe trade order has been filled, the central server 206 may send anotification to any servers 212 that provided positive responses thatdid not lead to a completed trade. In some embodiments, the centralserver 206 may send a notification to any servers 212 that providedpositive responses that did lead to a completed trade. In still otherembodiments the central server 206 may send a suitable message to anyserver 212 that provided a positive response.

In embodiments, if a trade order remains at least partially unfilledafter all positive responses have been processed—either because therewas no positive response, because there was no positive responsessufficient to complete a trade, or because the order remains at leastpartially unfilled even after one or more trades have been facilitatedin response to receipt of positive responses—the central server 206 maystore the unfilled trade order in database 208. In such embodiments,once stored in database 208, the trade order may be available to matchagainst other incoming trade orders.

In other embodiments, central server 206 may send additional queriesbased upon an unfilled or partially unfilled trade order. The additionalqueries may include adjustments to trade parameters that may facilitatea positive response. For example, consider if the first query includedan offer to trade shares of an instrument in 10,000 share increments,and processing responses to the first query leaves the trade order uponwhich the query was based at least partially unfilled, a second querymay be sent offering to trade shares of the instrument in 5,000 shareincrements. In other embodiments, the central server 206 may beconfigured to repeat queries or send additional queries corresponding toat least partially unfilled trade orders at or after a specified time(such as at 4:45 PM, or at six hours after the initial query), at aspecified time prior to the close of business of that day, at aspecified time after the opening of a different market, or at any othertime.

In embodiments, what to do with an unfilled or partially unfilled tradeorder may be configurable by a communication from the server 202.Instructions for handling unfilled or partially unfilled trade ordersmay be specified for a particular trade order, for example, in acommunication submitted with the trade order or as part of the processfor submitting trade orders. Central server 206 may store defaultinstructions for handling unfilled or partially unfilled trade orders onfor each server 202 or each entity on behalf of whom each server 202operates. Such default instructions may, in embodiments, be overridableby instructions sent for a particular trade order.

As noted previously, in some embodiments, potential trade partners forthe trade order submitted to the central server (block 302) can befiltered based upon selection criteria. In some embodiments, the centralserver 206 may filter recipients of the query based upon selectioncriteria (block 306). For example, the central server 206 may evaluatepossible recipients of the query to determine whether they meetspecified requirements before sending a query to that recipient.

In other embodiments, the central server 206 sends a query to a set ofrecipients and filters positive responses based upon the selectioncriteria. For example, when a positive response is received from aserver 212, the central server 206 may evaluate whether the server 212satisfies the selection criteria, and facilitate a trade based upon theserver 212's positive response only if the selection criteria aresatisfied. An example of an embodiment of a process in which positiveresponses are filtered on search criteria is shown in FIG. 4. As in theprocess of FIG. 3, a trade order is received (block 402). Also as in theprocess of FIG. 3, the central server 206 may optionally search for amatching trade order in database 208 (block 404) and facilitate a tradeif a matching trade order is found (block 414). If no matching tradeorder is found, or if the trade order remains at least partiallyunfilled after any trades have been facilitated, the central server 206sends a query to a set of recipients (block 406), such as servers 212.Upon receiving a positive response from a server 212 (block 408), thecentral server determines whether the server 212 satisfies the selectioncriteria (block 410). If the selection criteria are satisfied, a tradeis facilitated between the entity represented in the trade order and theentity represented in the positive response (block 412).

Whether applied before the query is sent, or applied to positiveresponses received, the selection criteria may be received by the serverin a variety of suitable ways (block 302, block 402). In block 302 andblock 402, the selection criteria may be received from server 202, readfrom database 208, or obtained or supplied by central server 206 in anyother manner.

In embodiments, selection criteria may be provided by the server 202 fora particular trade order. In such embodiments the selection criteria maybe sent to the central server 206 by server 202 with the trade order,for example, as part of a communication including the trade order. Forexample, the server 202 may send a trade order to central server 206along with information that effective tells central server 206 how toselect the servers 212 that will receive a query based upon the tradeorder. (Forms that the selection criteria may take are discussed furtherbelow.) In other embodiments, the central server 206 is in communicationwith a database 208 that stores preferred selection criteria for theserver 202. For example, in embodiments in which servers 202 registerswith central server 206 prior to submitting trade orders to server 206,the registration process may store a record in database 208 containinginformation about server 202 including trading preferences. Thesetrading preferences can include selection criteria to be applied for alltrade orders submitted by server 202. Alternatively, the database 208can store default selection criteria to be applied to server 202 onlywhere server 202 does not submit particular selection criteria for aparticular trade order. Selection criteria may be stored for each server202 and/or for entity on whose behalf server 202 submits trade orders.

In embodiments, selection criteria relate to aspects of the tradinghistory of server 212 or of the trader 216 or other entity on whosebehalf a positive response is submitted. In such embodiments, thecentral server 206 may have access to a database (for example, database208) in which is stored information about the trading histories ofpotential recipients servers 212 or of traders or entities associatedwith servers 212. A query may be sent only to those servers (or tradersor entities) having a trading history that satisfies certain specifiedrequirements. For example, it may desirable to limit query recipientsonly to those most likely to respond, in order to control access toinformation in the trade order. For that reason selection criteria mayinclude servers (or entities) having a positive response rate thatexceeds a certain specified rate. In embodiments selection criteria bebased upon the positive response rate for queries relating to particulartypes of instruments. Examples of possible selection criteria include:

Example 1: servers or entities having a minimum overall positiveresponse rate; servers or entities whose overall positive response rateexceeds 50%.

Example 2: servers or entities having a minimum positive response ratefor a specified instrument, including the specified instrument of thetrade order or a different specified instrument; servers or entitieswhose positive response rate for Microsoft stock exceeds 60%; servers orentities whose positive response rate for Exxon-Mobil derivativesexceeds 75%.

Example 3: servers or entities having a minimum positive response ratefor instruments relating to a particular entity; servers or entitieswhose positive response rate for any instrument relating to IBM exceeds50%.

Example 4: servers or entities having a minimum positive response ratefor instruments relating to a particular industry; servers or entitieswhose positive response rate for any instrument relating to energytrading exceeds 50%; servers or entities whose positive response ratefor oil futures exceeds 75%.

Example 5: servers or entities having a minimum positive response ratefor instruments having a particular market capitalization; servers orentities whose positive response rate for large-cap stocks exceeds 60%.

Example 6: servers or entities having a minimum positive response ratefor instruments relating to any enumerated set of instruments; serversor entities whose positive response rate for Coca-Cola stock and Pepsiput options exceeds 50%; servers or entities whose positive responserate for stocks and options exceeds 60%; servers or entities whosepositive response rate for Dell, Gateway, and IBM exceeds 40%.

Example 7: servers or entities having a minimum positive response ratefor instruments characterized by a specified parameter; servers orentities whose positive response rate for stock relating to any companyhaving a price-to-earnings ratio of 20 or better exceeds 50%; servers orentities whose positive response rate for instruments listed on NASDAQexceeds 70%.

Example 8: servers or entities having a minimum positive response ratefor a specified instrument or any substitutable instrument.

Example 9: servers or entities having a minimum positive response ratefor orders exceeding a specified value; servers or entities whosepositive response rate for orders worth more than $10M exceeds 50%;servers or entities whose positive response rate for orders of 1,000,000shares or more exceeds 30%.

Selection criteria based upon the trading history of a server or entitymay be any criteria or combination of criteria for which trading historyrecords are stored. Selection criteria need not be based upon a minimumpositive response rate, but may instead be based upon other aspects ofthe trading history, such as trading volume, trading frequency, orhistory of making trades at or exceeding a particular volume or totalvalue. For example:

Example 10: servers or entities who have participated in at least onetrade exceeding $10M in total value within the past month; servers orentities who have participated in at least three trades exceeding $1M intotal value within the past week.

Example 11: servers or entities who have purchased at least 30 millionshares, aggregate, within the past month; servers or entities who havepurchased at least 1 million shares in the energy industry within thepast month; servers or entities who have sold at least $30M in totalvalue within the past week.

Example 12: servers or entities who participate in at least ten tradesper day; servers or entities who have participated in at least tentrades per day within the past month; servers or entities who haveparticipated in at least ten trades in the energy sector within the pastweek; servers or entities who have not purchased any Microsoft stockwithin the past year.

In general, the selection criteria may be any criteria at all by whichquery recipients may be selected (for example, in the embodiments ofFIG. 3), or by which positive responders may be filtered (for example,in the embodiments of FIG. 4).

FIG. 5 is an example of a process that may be performed by a server 212receiving a query sent by a central server 206 in response to receivinga query sent by a central server 206. In embodiments, the central server206 sends the query in response to receiving a trade order from a server202, as described above. Also as described above, the central server 206may send the query to all registered recipients 212 or select therecipient 212 based upon selection criteria. Server 212 receives thequery (block 502).

In some embodiments, central server 212 sends a query to a set ofrecipients that include recipients that fail to meet selection criteria;in some such embodiments only positive responses from certain recipientservers (or on behalf of certain entities) will lead to the centralserver 206 facilitating a trade. As noted above, in some suchembodiments the central server 206 filters positive responses bydetermining whether the server sending the positive response (or theentity represented by the positive response) meets the selectioncriteria. In other embodiments, the query may include a key thatrecipient server 212 can interpret to determine whether server 212 is anintended recipient of the query, i.e., a recipient from which a positiveresponse will lead to the central server 206 facilitating a trade. Thekey can be any string of data interpretable by the recipient server 212.The key may be sent with the query or before or after the query is sent.

Once the recipient server 212 has received the key (block 504) itinterprets the key (block 506) to determine whether it is an intendedrecipient, i.e., whether its positive response would be honored by thecentral server 206 and lead to the central server 206 facilitating atrade. If the key indicates that server 212 is not an intendedrecipient, no further action of server 212 is required.

If the key indicates that server 212 is an intended recipient, server212 may determine whether a positive response to the query is required,i.e., whether a trader or other entity associated with server 212 wouldlike to accept the offer represented in the query received from centralserver 206. In embodiments, server 212 may search a database 214 oftrades that traders or other entities associated with server 212 areinterested in making (block 508). If database 214 contains a matchingtrade, server 212 may send a positive response (block 514). In someembodiments, before sending a positive response, server 212 requestsapproval of the trade from a human operator (block 512). For example,server 212 may display a request for approval to a terminal operated bythe human operator and receive an input from the human operatorindicating approval or non-approval of the trade. If additionalparameters (such as, for example, a quantity of the specified instrumentto be traded) are required to complete a trade, the server 212 mayrequest those additional parameters from the human operator and receivethem as input from the human operator. Upon receiving approval from thehuman operator (along with any parameters that the human operatorsupplies to fully specify the trade), server 212 may send a positiveresponse to the query (block 514). Central server 206 may receive thepositive response and process it in any of the ways described above,including facilitating a trade between the entity submitting theoriginal trade order and the entity represented by the positiveresponse. In embodiments, sending the positive response binds the entityrepresented by the positive response to a trade without the opportunityfor further negotiation.

In some embodiments, the steps of receiving and interpreting the key(blocks 504 and 506) may be skipped. In embodiments in which a key isused, server 212 may search for a matching trade in database 214 (block508) and/or request approval of the trade (block 512) beforeinterpreting the key. Server 212 may, in some embodiments, requestapproval from a human operator prior to searching for a matching tradein database 214. In still further embodiments, server 212 may requestapproval from a human operator and not search for a matching trade atall.

XII. More Embodiments

The following should be interpreted as embodiments, not as claims.

1. A method comprising: receiving, from a first server operated onbehalf of a first trader, a communication including a first trade orderand one or more selection criteria, the first trade order including atleast one of a specified instrument, a specified quantity, and aspecified price; determining that a database of trade orders does notcontain a second trade order matching the first trade order; identifyinga plurality of second traders satisfying the selection criteria;sending, to a plurality of second servers, each second server operatedon behalf of one or more of the plurality of second traders, a queryincluding at least one of the specified instrument, the specifiedquantity, and the specified price; receiving, from a one of theplurality of second servers operated on behalf of a one of the pluralityof second traders, a positive response to the query; and facilitatingexecution of a trade between the first trader and the one of theplurality of second traders for the specified instrument at thespecified price.

2. The method of claim 1, wherein identifying a plurality of secondtraders includes determining that a trading history of each of theplurality of second traders satisfies one or more of the selectioncriteria.

3. The method of claim 2, wherein the trading history of each of theplurality of second traders includes a positive response rate and theselection criteria include a minimum positive response rate, and whereindetermining that the trading history of each of the plurality of secondtraders satisfies one or more of the selection criteria includes:determining that the positive response rate of each of the plurality ofsecond traders equals or exceeds the minimum positive response rate.

4. The method of claim 2, wherein the trading history of each of theplurality of second traders includes a positive response rate for thespecified instrument and the selection criteria include a minimumpositive response rate for the specified instrument, and whereindetermining that the trading history of each of the plurality of secondtraders satisfies one or more of the selection criteria includes:determining that the positive response rate for the specified instrumentof each of the plurality of second traders equals or exceeds the minimumpositive response rate for the specified instrument.

5. The method of claim 2, wherein the trading history of each of theplurality of second traders includes a positive response rate for a setof instruments and the selection criteria include a minimum positiveresponse rate for the set of instruments, and wherein determining thatthe trading history of each of the plurality of second traders satisfiesone or more of the selection criteria includes: determining that thepositive response rate for the set of instruments of each of theplurality of second traders equals or exceeds the minimum positiveresponse rate for the set of instruments.

6. The method of claim 5, wherein the set of instruments includesinstruments relating to a particular entity.

7. The method of claim 5, wherein the set of instruments includesinstruments relating to a particular industry.

8. The method of claim 5, wherein the set of instruments includesinstruments associated with entities having a particular marketcapitalization.

9. The method of claim 5, wherein the set of instruments includes anenumerated set of instruments.

10. The method of claim 5, wherein the set of instruments includes anyinstrument characterized by a specified parameter.

11. The method of claim 5, wherein the set of instruments includes thespecified instrument and an instrument substitutable for the specifiedinstrument.

12. The method of claim 1, wherein the first server includes an ordermanagement system.

12a. The method of claim 1, wherein the first server is in communicationwith an order management system.

13. The method of claim 1, wherein at least one of the plurality ofsecond servers includes an order management system.

13a. The method of claim 1, wherein at least one of the plurality ofsecond servers is in communication with an order management system.

14. The method of claim 1, wherein sending a query further comprises:formatting the query in a format readable by an order management system.

15. A method comprising: receiving, from a first server, a communicationincluding a trade order and one or more selection criteria, the tradeorder indicating an intent of a first trader to trade a specifiedinstrument at least one of a specified quantity and a specified price;identifying a plurality of second traders satisfying the selectioncriteria; sending to at least one second server, each of the at leastone second servers being operable to enter trades on behalf of one ormore of the plurality of second traders, a query including at least oneof the specified instrument, the specified quantity, and the specifiedprice; receiving, from a one of the at least one second servers, apositive response to the query, the positive response indicating anintent of a one of the plurality of second traders to trade thespecified instrument at the specified price; and facilitating executionof a trade between the first trader and the one of the plurality ofsecond traders for the specified instrument at the specified price.

15a. The method of claim 15, wherein at least one of the second serversis operable to enter trades on behalf of one or more of the plurality ofsecond traders in response to an input from a user.

15b. The method of claim 15, wherein at least one of the second serversis operable to enter trades on behalf of one or more of the plurality ofsecond traders without input from a user.

16. The method of claim 15, wherein identifying a plurality of secondtraders includes determining that a trading history of each of theplurality of second traders satisfies one or more of the selectioncriteria.

17. The method of claim 16, wherein the trading history of each of theplurality of second traders includes a positive response rate, and theselection criteria include a minimum positive response rate and whereindetermining that the trading history of each of the plurality of secondtraders satisfies one or more of the selection criteria includes:determining that the positive response rate of each of the plurality ofsecond traders equals or exceeds the minimum positive response rate.

18. The method of claim 17, wherein the trading history of each of theplurality of second traders includes a positive response rate for thespecified instrument and the selection criteria include a minimumpositive response rate for the specified instrument, and whereindetermining that the trading history of each of the plurality of secondtraders satisfies one or more of the selection criteria includes:determining that the positive response rate for the specified instrumentof each of the plurality of second traders equals or exceeds the minimumpositive response rate for the specified instrument.

19. A method comprising: receiving, from a first server, a communicationincluding a trade order and one or more selection criteria, the tradeorder including at least one of a specified instrument, a specifiedquantity, and a specified price; identifying at least one second serversatisfying the selection criteria; sending to the at least one secondserver a query including at least one of the specified instrument, thespecified quantity, and the specified price; receiving, from a one ofthe at least one second servers, a positive response to the query; andfacilitating execution of a trade against the trade order for thespecified instrument at the specified price.

20. The method of claim 19, wherein identifying at least one secondserver includes determining that a trading history of the at least onesecond server satisfies one or more of the selection criteria.

21. The method of claim 20, wherein the trading history of the at leastone second server includes a positive response rate and the selectioncriteria include a minimum positive response rate, and whereindetermining that the trading history of the at least one second serversatisfies one or more of the selection criteria includes: determiningthat the positive response rate of the at least one second server equalsor exceeds the minimum positive response rate.

22. The method of claim 20, wherein the trading history of the at leastone second server includes a positive response rate for the specifiedinstrument and the selection criteria include a minimum positiveresponse rate for the specified instrument, and wherein determining thatthe trading history of the at least one second server satisfies one ormore of the selection criteria includes: determining that the positiveresponse rate for the specified instrument of the at least one secondserver equals or exceeds the minimum positive response rate for thespecified instrument.

23. A method comprising: Receiving, from a first server operated onbehalf of a first trader, a communication including a first trade orderand one or more selection criteria, the first trade order including atleast one of a specified instrument, a specified quantity, and aspecified price; determining that a database of trade orders does notcontain a second trade order matching the first trade order; sending, toa plurality of second servers, each second server operated on behalf ofa one of a plurality of second traders, a query including at least oneof the specified instrument, the specified quantity, and the specifiedprice; receiving, from a one of the plurality of second servers operatedon behalf of a one of the plurality of second traders, a positiveresponse to the query; determining that the one of the plurality ofsecond traders satisfies the selection criteria; and facilitatingexecution of a trade between the first trader and the one of theplurality of second traders for the specified instrument at thespecified price.

24. The method of claim 23, wherein determining that the one of theplurality of second traders satisfies the selection criteria includesdetermining that a trading history of the one of the plurality of secondtraders satisfies the selection criteria.

25. The method of claim 24, wherein the trading history of the one ofthe plurality of second traders includes a positive response rate andthe selection criteria include a minimum positive response rate, andwherein determining that the trading history of the one of the pluralityof second traders satisfies one or more of the selection criteriaincludes: determining that the positive response rate of the one of theplurality of second traders equals or exceeds the minimum positiveresponse rate.

26. The method of claim 24, wherein the trading history of the one ofthe plurality of second traders includes a positive response rate forthe specified instrument and the selection criteria include a minimumpositive response rate for the specified instrument, and whereindetermining that the trading history of the one of the plurality ofsecond traders satisfies one or more of the selection criteria includes:determining that the positive response rate for the specified instrumentof the one of the plurality of second traders equals or exceeds theminimum positive response rate for the specified instrument.

27. A method comprising: receiving, from a first server, a communicationincluding a trade order and one or more selection criteria, the tradeorder indicating an intent of a first trader to trade a specifiedinstrument at least one of a specified quantity and a specified price;sending, to a plurality of second servers, each second server beingoperable to enter trades on behalf of one or more second traders, aquery including at least one of the specified instrument, the specifiedquantity, and the specified price; receiving, from a one of theplurality of second servers, a positive response to the query, thepositive response indicating an intent of a one of the one or moresecond traders to trade the specified instrument at the specified price;determining that the one of the one or more second traders satisfies theselection criteria; and facilitating execution of a trade between thefirst trader and the one of the one or more second traders for thespecified instrument at the specified price.

27a. The method of claim 27, wherein at least one of the second serversis operable to enter trades on behalf of one or more of the plurality ofsecond traders in response to an input from a user.

27b. The method of claim 27, wherein at least one of the second serversis operable to enter trades on behalf of one or more of the plurality ofsecond traders without input from a user.

28. The method of claim 27, wherein determining that the one of the oneor more second traders satisfies the selection criteria includesdetermining that a trading history of the one of the one or more secondtraders satisfies the selection criteria.

29. The method of claim 28, wherein the trading history of the one ofthe one or more second traders includes a positive response rate and theselection criteria include a minimum positive response rate, and whereindetermining that the trading history of the one of the one or moresecond traders satisfies one or more of the selection criteria includes:determining that the positive response rate of the one of the one ormore second traders equals or exceeds the minimum positive responserate.

30. The method of claim 28, wherein the trading history of the one ofthe one or more second traders includes a positive response rate for thespecified instrument and the selection criteria include a minimumpositive response rate for the specified instrument, and whereindetermining that the trading history of the one of the one or moresecond traders satisfies one or more of the selection criteria includes:determining that the positive response rate for the specified instrumentof the one of the one or more second traders equals or exceeds theminimum positive response rate for the specified instrument.

31. A method comprising: receiving, from a first server, a communicationincluding a trade order and one or more selection criteria, the tradeorder including at least one of a specified instrument, a specifiedquantity, and a specified price; sending, to at least one second server,a query including at least one of the specified instrument, thespecified quantity, and the specified price; receiving, from a one ofthe at least one second servers, a positive response to the query;determining that the one of the at least one second servers satisfiesthe selection criteria; and facilitating execution of a trade againstthe trade order for the specified instrument at the specified price.

32. The method of claim 31, wherein determining that the one of the oneor more second traders satisfies the selection criteria includesdetermining that a trading history of the one of the one or more secondtraders satisfies the selection criteria.

33. The method of claim 32, wherein the trading history of the one ofthe one or more second traders includes a positive response rate and theselection criteria include a minimum positive response rate, and whereindetermining that the trading history of the one of the one or moresecond traders satisfies one or more of the selection criteria includes:determining that the positive response rate of the one of the one ormore second traders equals or exceeds the minimum positive responserate.

34. The method of claim 32, wherein the trading history of the one ofthe one or more second traders includes a positive response rate for thespecified instrument and the selection criteria include a minimumpositive response rate for the specified instrument, and whereindetermining that the trading history of the one of the one or moresecond traders satisfies one or more of the selection criteria includes:determining that the positive response rate for the specified instrumentof the one of the one or more second traders equals or exceeds theminimum positive response rate for the specified instrument.

35. A method comprising: receiving, from a first server, a communicationincluding a trade order, the trade order indicating an intent of a firsttrader to trade a specified instrument at least one of a specifiedquantity and a specified price; identifying a plurality of secondtraders satisfying one or more selection criteria; sending to at leastone second server, each of the at least one second servers beingoperable to enter trades on behalf of one or more of the plurality ofsecond traders, a query including at least one of the specifiedinstrument, the specified quantity, and the specified price; receiving,from a one of the at least one second servers, a positive response tothe query, the positive response indicating an intent of a one of theplurality of second traders to trade the specified instrument at thespecified price; and facilitating execution of a trade between the firsttrader and the one of the plurality of second traders for the specifiedinstrument at the specified price.

35a. The method of claim 35, wherein at least one of the second serversis operable to enter trades on behalf of one or more of the plurality ofsecond traders in response to an input from a user.

35b. The method of claim 35, wherein at least one of the second serversis operable to enter trades on behalf of one or more of the plurality ofsecond traders without input from a user.

36. The method of claim 35, further comprising: receiving at least oneof the one or more selection criteria from the first server.

37. The method of claim 36, wherein the communication further includesat least one of the one or more selection criteria.

38. The method of claim 35, further comprising: retrieving at least oneof the one or more selection criteria from a database.

39. A method comprising: receiving, from a first server, a communicationincluding a trade order, the trade order indicating an intent of a firsttrader to trade a specified instrument at least one of a specifiedquantity and a specified price; sending, to a plurality of secondservers, each second server being operable to enter trades on behalf ofone or more second traders, a query including at least one of thespecified instrument, the specified quantity, and the specified price;receiving, from a one of the plurality of second servers, a positiveresponse to the query, the positive response indicating an intent of aone of the one or more second traders to trade the specified instrumentat the specified price; determining that the one of the one or moresecond traders satisfies one or more selection criteria; andfacilitating execution of a trade between the first trader and the oneof the one or more second traders for the specified instrument at thespecified price.

39a. The method of claim 39, wherein at least one of the second serversis operable to enter trades on behalf of one or more of the plurality ofsecond traders in response to an input from a user.

39b. The method of claim 39, wherein at least one of the second serversis operable to enter trades on behalf of one or more of the plurality ofsecond traders without input from a user.

40. The method of claim 39, further comprising: receiving at least oneof the one or more selection criteria from the first server.

41. The method of claim 40, wherein the communication further includesat least one of the one or more selection criteria.

42. The method of claim 39, further comprising: retrieving at least oneof the one or more selection criteria from a database.

43. A method comprising: receiving, from a first server, a communicationincluding a trade order, the trade order indicating an intent of a firsttrader to trade a specified instrument at least one of a specifiedquantity and a specified price; sending, to a second server operable toenter trades on behalf of a second trader, a query including at leastone of the specified instrument, the specified quantity, and thespecified price; receiving, from the second server, a positive responseto the query; and facilitating execution of a trade between the firsttrader and the second trader for the specified instrument at thespecified price.

43a. The method of claim 43, wherein at least one of the second serversis operable to enter trades on behalf of one or more of the plurality ofsecond traders in response to an input from a user.

43b. The method of claim 43, wherein at least one of the second serversis operable to enter trades on behalf of one or more of the plurality ofsecond traders without input from a user.

44. The method of claim 43, further comprising: sending, to the secondserver, a key indicating that a response from the second server isdesired.

45. The method of claim 44, wherein the query includes the key.

46. A method comprising: receiving, from a first server, a communicationincluding a trade order, the trade order indicating an intent of a firsttrader to trade a specified instrument; sending, to a second serveroperable to enter trades on behalf of a second trader, a queryindicating the specified instrument; receiving, from the second server,a positive response to the query; and facilitating execution of a tradebetween the first trader and the second trader for a specified quantityof the specified instrument.

46a. The method of claim 46, wherein the trade order includes thespecified quantity.

46b. The method of claim 46, wherein the positive response to the queryincludes the specified quantity.

47. The method of claim 46, wherein the trade order further includesinformation sufficient to determine a price for the trade, and whereinfacilitating execution further comprises facilitating execution of thetrade between the first trader and the second trader for a specifiedquantity of the specified instrument at the determined price.

48. The method of claim 47, wherein the determined price is a specifiedprice.

49. The method of claim 46, wherein the trade order includes a specifiedprice, and wherein facilitating execution further comprises facilitatingexecution of the trade between the first trader and the second traderfor a specified quantity of the specified instrument at the specifiedprice.

50. The method of claim 46, wherein facilitating execution furthercomprises facilitating execution of the trade between the first traderand the second trader for a specified quantity of the specifiedinstrument at a market price.

50aa. The method of claim 46, wherein facilitating execution furthercomprises facilitating execution of the trade between the first traderand the second trader for a specified quantity of the specifiedinstrument at a market midpoint price.

50a. A method comprising: receiving, from a first server, acommunication including a trade order, the trade order indicating anintent of a first trader to trade a specified instrument; sending, to aplurality of second servers, each second server being operable to entertrades on behalf of one or more second traders, a query indicating thespecified instrument; receiving, from a one of the plurality of secondservers, a positive response to the query, the positive responseindicating an intent of a one of the one or more second traders to tradethe specified instrument; determining that the one of the one or moresecond traders satisfies one or more selection criteria; andfacilitating execution of a trade between the first trader and the oneof the one or more second traders for a specified quantity of thespecified instrument.

50b. The method of claim 50a, wherein the trade order includes thespecified quantity.

50c. The method of claim 50a, wherein the positive response to the queryincludes the specified quantity.

50d. The method of claim 50a, wherein the trade order further includesinformation sufficient to determine a price for the trade, and whereinfacilitating execution further comprises facilitating execution of thetrade between the first trader and the second trader for a specifiedquantity of the specified instrument at the determined price.

50e. The method of claim 50a, wherein the determined price is aspecified price.

50f. The method of claim 50a, wherein the trade order includes aspecified price, and wherein facilitating execution further comprisesfacilitating execution of the trade between the first trader and thesecond trader for a specified quantity of the specified instrument atthe specified price.

50g. The method of claim 50a, wherein facilitating execution furthercomprises facilitating execution of the trade between the first traderand the second trader for a specified quantity of the specifiedinstrument at a market price.

50ga. The method of claim 50a, wherein facilitating execution furthercomprises facilitating execution of the trade between the first traderand the second trader for a specified quantity of the specifiedinstrument at a market midpoint price.

50h. The method of claim 50a, wherein determining that the one of theone or more second traders satisfies the selection criteria includesdetermining that a trading history of the one of the one or more secondtraders satisfies the selection criteria.

50i. The method of claim 50h, wherein the trading history of the one ofthe one or more second traders includes a positive response rate and theselection criteria include a minimum positive response rate, and whereindetermining that the trading history of the one of the one or moresecond traders satisfies one or more of the selection criteria includes:determining that the positive response rate of the one of the one ormore second traders equals or exceeds the minimum positive responserate.

50j. The method of claim 50h, wherein the trading history of the one ofthe one or more second traders includes a positive response rate for thespecified instrument and the selection criteria include a minimumpositive response rate for the specified instrument, and whereindetermining that the trading history of the one of the one or moresecond traders satisfies one or more of the selection criteria includes:determining that the positive response rate for the specified instrumentof the one of the one or more second traders equals or exceeds theminimum positive response rate for the specified instrument.

50k. A method comprising: receiving, from a first server, acommunication including a trade order, the trade order indicating anintent of a first trader to trade a specified instrument; identifying aplurality of second traders satisfying one or more selection criteria;sending to at least one second server, each of the at least one secondservers being operable to enter trades on behalf of one or more of theplurality of second traders, a query indicating the specifiedinstrument; receiving, from a one of the plurality of second servers, apositive response to the query, the positive response indicating anintent of a one of the one or more second traders to trade the specifiedinstrument; and facilitating execution of a trade between the firsttrader and the one of the one or more second traders for a specifiedquantity of the specified instrument.

50l. The method of claim 50k, wherein the trade order includes thespecified quantity.

50m. The method of claim 50k, wherein the positive response to the queryincludes the specified quantity.

50n. The method of claim 50k, wherein the trade order further includesinformation sufficient to determine a price for the trade, and whereinfacilitating execution further comprises facilitating execution of thetrade between the first trader and the second trader for a specifiedquantity of the specified instrument at the determined price.

50o. The method of claim 50k, wherein the determined price is aspecified price.

50p. The method of claim 50k, wherein the trade order includes aspecified price, and wherein facilitating execution further comprisesfacilitating execution of the trade between the first trader and thesecond trader for a specified quantity of the specified instrument atthe specified price.

50q. The method of claim 50k, wherein facilitating execution furthercomprises facilitating execution of the trade between the first traderand the second trader for a specified quantity of the specifiedinstrument at a market price.

50qa. The method of claim 50k, wherein facilitating execution furthercomprises facilitating execution of the trade between the first traderand the second trader for a specified quantity of the specifiedinstrument at a market midpoint price.

50r. The method of claim 50k, wherein determining that the one of theone or more second traders satisfies the selection criteria includesdetermining that a trading history of the one of the one or more secondtraders satisfies the selection criteria.

50s. The method of claim 50r, wherein the trading history of the one ofthe one or more second traders includes a positive response rate and theselection criteria include a minimum positive response rate, and whereindetermining that the trading history of the one of the one or moresecond traders satisfies one or more of the selection criteria includes:determining that the positive response rate of the one of the one ormore second traders equals or exceeds the minimum positive responserate.

50t. The method of claim 50r, wherein the trading history of the one ofthe one or more second traders includes a positive response rate for thespecified instrument and the selection criteria include a minimumpositive response rate for the specified instrument, and whereindetermining that the trading history of the one of the one or moresecond traders satisfies one or more of the selection criteria includes:determining that the positive response rate for the specified instrumentof the one of the one or more second traders equals or exceeds theminimum positive response rate for the specified instrument.

51. A method comprising: receiving, from a first server, a communicationincluding a key and a query, the query including at least one of aspecified instrument, a specified quantity, and a specified price;determining, based upon the key, that a response to the query isdesired; retrieving, from a database, a matching trade order includingat least one of the specified instrument, specified quantity, andspecified price; providing a request for approval to an interfaceoperated by a user; receiving a response to the request for approvalfrom the interface operated by the user; and sending a positive responseto the query to the first server, the positive response indicating anintent to be bound to trade for the specified instrument at thespecified price.

52. The method of claim 51, wherein the database of trade orders resideson an order management system.

52a. The method of claim 51, wherein the database of trade orders is incommunication with an order management system.

52b. The method of claim 51, wherein the database of trade orders is aportion of an order management system.

53. A method comprising: receiving, from a first server, a queryincluding at least one of a specified instrument, a specified quantity,and a specified price; retrieving, from a database, a matching tradeorder including at least one of the specified instrument, specifiedquantity, and specified price; providing a request for approval to aninterface operated by a user; receiving a response to the request forapproval from the interface operated by the user; and sending a positiveresponse to the query to the first server, the positive responseindicating an intent to be bound to trade for the specified instrumentat the specified price.

54. The method of claim 53, wherein the database of trade orders resideson an order management system.

54a. The method of claim 53, wherein the database of trade orders is incommunication with an order management system.

54b. The method of claim 53, wherein the database of trade orders is aportion of an order management system.

55. A method comprising: receiving, from a first server, a queryincluding at least one of a specified instrument, a specified quantity,and a specified price; retrieving, from a database, a matching tradeorder including at least one of the specified instrument, specifiedquantity, and specified price; and sending a positive response to thequery to the first server, the positive response indicating an intent tobe bound to trade for the specified instrument at the specified price.

56. The method of claim 55, wherein the database of trade orders resideson an order management system.

56a. The method of claim 55, wherein the database of trade orders is incommunication with an order management system.

56b. The method of claim 55, wherein the database of trade orders is aportion of an order management system.

57. A method comprising: receiving, from a first server, a queryincluding a specified instrument; retrieving, from a database, amatching trade order including at least the specified instrument and aspecified quantity; and sending a positive response to the query to thefirst server, the positive response indicating an intent to be bound totrade for the specified quantity of the specified instrument.

58. The method of claim 57, wherein the query further includesinformation sufficient to determine a price for the trade, and whereinthe positive response further indicates an intent to be bound to tradeat the determined price.

59. The method of claim 58, wherein the determined price is a specifiedprice.

60. The method of claim 57, wherein the query further includes aspecified price, and wherein the positive response further indicates anintent to be bound to trade at the specified price.

61. The method of claim 57, wherein the positive response furtherindicates an intent to be bound to trade at a market price.

61a. The method of claim 57, wherein the positive response furtherindicates an intent to be bound to trade at a market midpoint price.

62. The method of claim 57, wherein the database of trade orders resideson an order management system.

62a. The method of claim 57, wherein the database of trade orders is incommunication with an order management system.

62b. The method of claim 57, wherein the database of trade orders is aportion of an order management system.

What is claimed is:
 1. A method comprising the steps of: at one or moretrading computer(s), receiving trading orders from trading entities, thetrading orders each including a specified instrument, and at least oneof a specified quantity and a specified price, and storing the tradingorders without making the trading orders known to open market platforms;sending from trading computer(s) that store the trading orders to one ormore query-receiving ones of the trading computers queries seekingmatches for trading orders stored at the query-sending tradingcomputer(s), the queries specifying the specified instrument, and atleast one of the specified quantity and the specified price; at thequery-receiving trading computer(s), attempting to match receivedqueries against trading orders stored at the respective query-receivingtrading computer while keeping trading orders and queries confidentialfrom trading entities other than the entities that entered therespective trading orders, and informing a trading entity of a receivedquery only when a match is detected between one of the trading entity'sorders and a received query, the informing being to obtain approval ofthe trading entity to trade between the matched trading order and thematched received inquiry; and facilitating execution of a trade betweenthe trading entity associated with the trading order underlying thequery matched by the query-receiving trading computer and the tradingentity associated with the matching trading order.
 2. The method ofclaim 1 wherein the one or more trading computers are trading computersunder control of and secure to respective trading entities; and furthercomprising the step of storing the trading orders on the tradingcomputers of the respective entities from whom the orders are receivedwithout making the trading orders known to open market platforms.
 3. Themethod of claim 1, wherein the queries relating to respective orders aresent to query-receiving trading computer(s) based on selection criteriaspecified by the trading entity that entered the respective tradingorders.
 4. The method of claim 3, wherein the selection criteria includetrading history of trading entities to receive the queries.
 5. Themethod of claim 4, wherein the trading history of the selection criteriainclude a minimum positive response rate for the specified instrument tobe met by the recipient trading entity before the respective query issent to that recipient trading entity.
 6. The method of claim 4, whereinthe trading history of the selection criteria include a minimum positiveresponse rate for a specified set of instruments to be met by therecipient trading entity before the respective query is sent to thatrecipient trading entity.
 7. The method of claim 6, wherein the set ofinstruments specified by a trading order is specified by the entity thatentered the trading order, with relation to a particular entity.
 8. Themethod of claim 6, wherein the set of instruments is specified byrelation to entities having a particular market capitalization.
 9. Themethod of claim 6, wherein the set of instruments includes an set ofinstruments enumerated by the entity that entered the trading order. 10.The method of claim 6, wherein the set of instruments includes anyinstrument characterized by a parameter specified by the entity thatentered the trading order.
 11. The method of claim 6, wherein the set ofinstruments includes the specified instrument and an instrumentsubstitutable for the specified instrument.
 12. The method of claim 1,wherein the trading orders are received from the trading entities intoan order management system.
 13. The method of claim 1, wherein at leastone of the query-receiving trading computer(s) is operable to receivetrading orders on behalf of trading entities in response to an inputfrom a user.
 14. The method of claim 1, wherein at least one of thequery-receiving trading computer(s) is operable to receive tradingorders on behalf of trading entities without input from a user.
 15. Themethod of claim 1, wherein: at least one of the trading-order receivingcomputer(s) is operable to receive trading orders on behalf ofrespective entitie(s) of the plurality of trading entities in responseto an input from a user.
 16. The method of claim 1, wherein: at leastone of the trading-order receiving computer(s) is operable to receivetrading orders on behalf of respective entitie(s) of the plurality oftrading entities without input from a user.
 17. The method of claim 1,further comprising: sending the queries from a central server.
 18. Themethod of claim 1, further comprising: sending the queries from tradingcomputerLs) associated with the respective trading entities.
 19. Themethod of claim 1, further comprising: obtain approval of the tradingentity is sufficient to bind a trading entity to a trade.
 20. The methodof claim 1, wherein: the query requests trading execution at a defaultprice.
 21. The method of claim 20, wherein: the default price is amarket price for the specified instrument.
 22. The method of claim 20,wherein: the default price is the market midpoint price for thespecified instrument.
 23. The method of claim 1, further comprising:informing a trading entity of a received query but withholding the fullsize of the query.
 24. The method of claim 1, further comprising: afterexecuting a partial fill of one of the trading orders, sending furtherqueries seeking further matches for trading orders to complete thetrading order.
 25. The method of claim 1, further comprising:prioritizing trading orders and/or queries by quantity.
 26. The methodof claim 1, wherein: the positive response to the query includes thespecified quantity.
 27. The method of claim 1, wherein: the trade orderfurther includes information sufficient to determine a price for thetrade, and wherein facilitating execution further comprises facilitatingexecution of the trade between the first trader and the second traderfor a specified quantity of the specified instrument at the determinedprice.
 28. The method of claim 27, wherein the determined price is aprice specified by the entity that entered the trading order.
 29. Themethod of claim 1, wherein: the trade order includes a specified price,and wherein facilitating execution further comprises facilitatingexecution of the trade between the first trader and the second traderfor a specified quantity of the specified instrument at the specifiedprice.
 30. The method of claim 1, wherein: facilitating executionfurther comprises facilitating execution of the trade between the firsttrader and the second trader for a specified quantity of the specifiedinstrument at a market price.
 31. The method of claim 1, wherein:facilitating execution further comprises facilitating execution of thetrade between the trading entity that entered the matched trading orderand a trading entity that confirms the matched query for a specifiedquantity of the specified instrument at a market midpoint price.
 32. Themethod of claim 1, wherein: obtaining approval comprises obtainingapproval from a human trader.
 33. The method of claim 1, furthercomprising: sending notification of execution to trading entities otherthan those whose trading orders matched for the trade.
 34. One or morecomputer-readable, nontransitory memories, having embedded thereonprograms to cause one or more computer(s) to: receive trading ordersfrom trading entities, the trading orders each including a specifiedinstrument, and at least one of a specified quantity and a specifiedprice, and store the trading orders at one or more trading computer(s)without making the trading orders known to open market platforms; sendfrom trading computer(s) that store the trading orders to one or morequery-receiving ones of the trading computer(s) queries seeking matchesfor trading orders stored at the query-sending trading computer(s), thequeries including the specified instrument, and at least one of aspecified quantity and a specified price; at the query-receiving tradingcomputer(s), attempt to match received queries against trading ordersstored at the respective query-receiving trading computer while keepingtrading orders and queries confidential from trading entities other thanthe entities that entered the respective trading orders, and inform atrading entity of a received query only when a match is detected betweenone of the trading entity's orders and a received query, the informingbeing to obtain approval of the trading entity to trade between thematched trading order and the matched received inquiry; and facilitateexecution of a trade between the trading entity associated with thetrading order underlying the query matched by the query-receivingtrading computer and the trading entity associated with the matchingtrading order.
 35. The computer-readable, nontransitory media of claim34: wherein the one or more trading computers are trading computersunder control of and secure to respective trading entities; and theprograms being further programmed to store the trading orders on thetrading computers of the respective entities from whom the orders arereceived without making the trading orders known to open marketplatforms.
 36. The computer-readable, nontransitory media of claim 34,wherein the trading orders are received from the trading entities intoan order management system.
 37. The computer-readable, nontransitorymedia of claim 34, being further programmed to cause the computer to:bind a trading entity to a trade by obtaining approval of the tradingentity of the query.
 38. The computer-readable, nontransitory media ofclaim 34, wherein the query further includes information sufficient todetermine a price for the trade, and wherein the positive responsefurther indicates an intent to be bound to trade at the determinedprice.
 39. The computer-readable, nontransitory media of claim 38,wherein the determined price is a specified price.
 40. Thecomputer-readable, nontransitory media of claim 34, wherein the queryrequests trading execution at a default price.
 41. Thecomputer-readable, nontransitory media of claim 40, wherein the defaultprice is a market price for the specified instrument.
 42. Thecomputer-readable, nontransitory media of claim 40, wherein the defaultprice is a market midpoint price for the specified instrument.
 43. Thecomputer-readable, nontransitory media of claim 34, being furtherprogrammed to: send the queries from a central server.
 44. Thecomputer-readable, nontransitory media of claim 34, being furtherprogrammed to: send the queries from trading computer(s) associated withthe respective trading entities.
 45. The computer-readable,nontransitory media of claim 34, being further programmed to: obtainapproval by obtaining approval from a human trader.
 46. Thecomputer-readable, nontransitory media of claim 34, wherein the programsare further programmed to cause one or more computer(s) to: send queriesrelating to respective orders to query-receiving trading computer(s)based on selection criteria specified by the trading entity that enteredthe respective trading orders.
 47. The computer-readable, nontransitorymedia of claim 46, wherein: the selection criteria include tradinghistory of trading entities to receive the queries.
 48. Thecomputer-readable, nontransitory media of claim 47, wherein: the tradinghistory of the selection criteria include a minimum positive responserate for the specified instrument to be met by the recipient tradingentity before the respective query is sent to that recipient tradingentity.
 49. The computer-readable, nontransitory media of claim 47,wherein: the trading history of the selection criteria include a minimumpositive response rate for a specified set of instruments to be met bythe recipient trading entity before the respective query is sent to thatrecipient trading entity.
 50. The computer-readable, nontransitory mediaof claim 49, wherein: the set of instruments is specified by relation toa particular entity.
 51. The computer-readable, nontransitory media ofclaim 49, wherein: the set of instruments is specified by relation toentities having a particular market capitalization.
 52. Thecomputer-readable, nontransitory media of claim 49, wherein: the set ofinstruments specified by a trading order includes an set of instrumentsenumerated by the entity that entered the trading order.
 53. Thecomputer-readable, nontransitory media of claim 49, wherein: the set ofinstruments includes any instrument characterized by a parameterspecified by the entity that entered the trading order.
 54. Thecomputer-readable, nontransitory media of claim 49, wherein: the set ofinstruments includes the specified instrument and an instrumentsubstitutable for the specified instrument.
 55. The computer-readable,nontransitory media of claim 34, the programs being further programmedto cause one or more computer(s) to: inform a trading entity of areceived query but withhold the full size of the query.
 56. Thecomputer-readable, nontransitory media of claim 34, the programs beingfurther programmed to cause one or more computer(s) to: after executinga partial fill of one of the trading orders, send further queriesseeking further matches for trading orders to complete the tradingorder.
 57. The computer-readable, nontransitory media of claim 34, theprograms being further programmed to cause one or more computer(s) to:prioritize trading orders and/or queries by quantity.
 58. Thecomputer-readable, nontransitory media of claim 34, wherein: thepositive response to the query includes the specified quantity.
 59. Thecomputer-readable, nontransitory media of claim 34, wherein: the tradeorder further includes information sufficient to determine a price forthe trade, and wherein facilitating execution further comprisesfacilitating execution of the trade between the first trader and thesecond trader for a specified quantity of the specified instrument atthe determined price.
 60. The computer-readable, nontransitory media ofclaim 59, wherein the determined price is a price specified by theentity that entered the trading order.
 61. The computer-readable,nontransitory media of claim 34, the programs being further programmedto cause the computer to: send notification of execution to tradingentities other than those whose trading orders matched for the trade.62. A computer of an electronic trading system, comprising:query-sending trading computer(s) designed to: store trading orders fromtrading entities, the trading orders each including a specifiedinstrument, and at least one of a specified quantity and a specifiedprice, and to store the trading orders without making the trading ordersknown to open market platforms, send to one or more query-receiving onesof the trading computer(s) queries seeking matches for trading ordersstored at the query-sending trading computer(s), the queries includingthe specified instrument, and at least one of a specified quantity and aspecified price; the query-receiving trading computer(s) beingprogrammed to attempt to match received queries against trading ordersstored at the respective query-receiving trading computer while keepingtrading orders and queries confidential from trading entities other thanthe entities that entered the respective trading orders, and to inform atrading entity of a received query only when a match is detected betweenone of the trading entity's orders and a received query, the informingbeing to obtain approval of the trading entity to trade between thematched trading order and the matched received inquiry; and at least onecomputer programmed to facilitate execution of a trade between thetrading entity associated with the trading order underlying the querymatched by the query-receiving trading computer and the trading entityassociated with the matching trading order.
 63. The system of claim 62,being further programmed to cause at least one computer to: bind atrading entity to a trade by obtaining approval of the trading entity ofthe query.
 64. The system of claim 62, wherein: the query furtherincludes information sufficient to determine a price for the trade, andthe positive response further indicates an intent to be bound to tradeat the determined price.
 65. The system of claim 64, wherein thedetermined price is a price specified by the entity that entered thetrading order.
 66. The system of claim 62, wherein the query requeststrading execution at a default price.
 67. The system of claim 66,wherein the default price is a market price for the specifiedinstrument.
 68. The system of claim 66, wherein the default price is amarket midpoint price for the specified instrument.
 69. The system ofclaim 62, being further programmed to: obtain approval by obtainingapproval from a human trader.
 70. The system of claim 62, being furtherprogrammed to: send queries relating to respective orders toquery-receiving trading computer(s) based on selection criteriaspecified by the trading entity that entered the respective tradingorders.
 71. The system of claim 70, wherein: the selection criteriainclude trading history of trading entities to receive the queries. 72.The system of claim 71, wherein: the trading history of the selectioncriteria include a minimum positive response rate for the specifiedinstrument to be met by the recipient trading entity before therespective query is to be sent to that recipient trading entity.
 73. Thesystem of claim 71, wherein: the trading history of the selectioncriteria include a minimum positive response rate for a specified set ofinstruments to be met by the recipient trading entity before therespective query is to be sent to that recipient trading entity.
 74. Thesystem of claim 73, wherein: the set of instruments is specified byrelation to a particular entity.
 75. The system of claim 73, beingfurther programmed to cause at least one computer to: accept aspecification of the set of instruments by relation to entities having aparticular market capitalization.
 76. The system of claim 73, beingfurther programmed to cause at least one computer to accept aspecification of the set of instruments for a trading order asenumeration by the entity that entered the trading order.
 77. The systemof claim 73, wherein the set of instruments includes any instrumentcharacterized by a parameter specified by the entity that entered thetrading order.
 78. The system of claim 73, wherein the set ofinstruments includes the specified instrument and an instrumentsubstitutable for the specified instrument.
 79. The system of claim 62,being further programmed to: inform a trading entity of a received querybut withhold the full size of the query.
 80. The system of claim 62,being further programmed to cause at least one computer to: afterexecuting a partial fill of one of the trading orders, send furtherqueries seeking further matches for trading orders to complete thetrading order.
 81. The system of claim 62, being further programmed tocause at least one computer to: prioritize trading orders and/or queriesby quantity.
 82. The system of claim 62, wherein: the positive responseto the query includes the specified quantity.
 83. The system of claim62, wherein: wherein the trade order further includes informationsufficient to determine a price for the trade, and being furtherprogrammed to cause at least one computer to facilitate execution of thetrade between the first trader and the second trader for a specifiedquantity of the specified instrument at the determined price.
 84. Thesystem of claim 62, being further programmed to cause at least onecomputer to: send notification of execution to trading entities otherthan those whose trading orders matched for the trade.